Britannia acquires two Hotel Collection hotels
Britannia Hotels has acquired two former Hotel Collection properties in deals thought to total £12.5m.
The acquisition of the Palace hotel in Buxton and the Basingstoke Country hotel make Britannia the largest independent owner operated hotel group in the UK and one of the largest in Europe, with over 14,600 guest bedrooms, which includes its Pontins holiday parks portfolio.
The deal for the 147-year-old Palace hotel comes after it was put up for sale last year by the Hotel Collection for £7m.
It is not known how much Britannia paid for the Grade II-listed, four-star hotel.
Meanwhile, the 100-room Basingstoke Country hotel also went on the market late last year for a guide price of £5.5m, although again the sale price is not known.
Jeremy Jones, director and head of corporate hotels at Christie + Co, which brokered the deals, said: "The Palace and Basingstoke Country hotels are strong additions to Britannia Hotels' growing portfolio. Both hotels have demonstrated tremendous all-year-round commercial and leisure business, and offer excellent potential for further growth.
"These hotels attracted significant interest from a variety of potential purchasers including investors and established multiple operators."
Alex Langsam, managing director of Britannia Hotels, said: "We are really delighted to have secured these hotels. Across our estate we have over 20 Grade II-listed properties and we look forward to lavishing time and attention on the Palace hotel, Buxton to restore it to its true former glory.
"I am proud of Britannia's track record in sympathetically restoring heritage properties across the UK and providing hospitality to our guests. We have been able to grow our estate by trading very successfully during difficult times. Our highly experienced management team is aiming to make these two acquisitions equally successful".
Britannia Hotels manages nearly 50 hotels across the UK, including the Grand in Scarborough, and the Adelphi in Liverpool.
It recently put the controversial, Grade II-listed London Road Fire Station up for sale - the centre of a long-running dispute between Britannia and Manchester City Council due to the failure of the hotel group to develop the site. Britannia Hotels, which acquired the Edwardian baroque style building in 1986, is looking to achieve substantial offers in excess of £10m.
